Custom Truck One Source, Inc. key statistics and ratios

In fiscal 2025, Custom Truck One Source, Inc. had return on equity of -3.7%, an operating margin of 6.4%, debt equal to 205.3% of equity and a current ratio of 1.33. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Custom Truck One Source, Inc.: financial ratios, annual
Fiscal year	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	28.3%	33.1%	32.8%	25.3%	18.0%	24.4%	24.4%	21.7%	21.2%	22.6%
Operating margin	11.5%	17.5%	13.6%	5.7%	−3.6%	6.6%	9.2%	7.0%	6.4%	8.2%
Net margin	−13.3%	−6.3%	−10.2%	−7.0%	−15.6%	2.5%	2.7%	−1.6%	−1.6%	1.4%
Free-cash-flow margin	8.2%	16.4%	6.0%	13.9%	11.9%	2.9%	−1.7%	6.8%	16.0%	13.6%
Return on equity	—	—	—	—	−43.9%	4.5%	5.6%	−3.2%	−3.7%	3.6%
Return on assets	−6.7%	−2.8%	−3.6%	−2.7%	−10.5%	1.4%	1.6%	−0.8%	−0.9%	0.8%
Asset turnover	0.51	0.45	0.35	0.38	0.68	0.56	0.59	0.52	0.56	0.58
Current ratio	3.45	1.28	1.49	1.45	1.49	1.37	1.41	1.30	1.33	1.28
Debt to equity	—	—	—	—	157.0%	156.4%	165.5%	179.7%	205.3%	202.8%
Interest cover (operating income ÷ interest)	—	—	—	—	n/m	8.2x	4.7x	—	—	—
Effective tax rate	—	—	—	—	—	16.7%	12.7%	—	—	−36.6%
SG&A as % of revenue	13.5%	13.3%	14.1%	15.3%	13.3%	13.4%	12.4%	12.7%	11.8%	11.3%
Capital spending as % of revenue	0.2%	0.3%	1.2%	0.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	—	—	—	—	—	118.2%	−60.9%	—	—	946.4%
Dividends and buybacks ÷ free cash flow	—	—	—	0.0%	0.0%	22.4%	—	23.8%	10.5%	0.0%

US$ thousands unless shown otherwise. Fiscal quarters.

Custom Truck One Source, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	22.7%	20.3%	20.0%	20.9%	23.3%	22.3%	22.0%	22.9%
Operating margin	12.9%	2.9%	5.5%	6.8%	9.8%	6.8%	8.3%	7.7%
Net margin	5.3%	−4.2%	−5.5%	−1.2%	4.0%	−0.9%	1.8%	0.5%
Free-cash-flow margin	15.8%	13.2%	24.6%	16.9%	9.0%	5.2%	7.9%	33.0%
Current ratio	1.30	1.29	1.26	1.27	1.33	1.30	1.34	1.28
Debt to equity	177.4%	196.6%	204.1%	210.2%	203.3%	202.9%	203.4%	201.3%
SG&A as % of revenue	11.8%	14.1%	11.6%	11.4%	10.7%	12.5%	10.9%	11.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 5 checks passed · September 30, 2026

What it owns · $3.6bn

Short-term assets $1.3bnLonger-term assets $2.3bn

What it owes, and who funded it · $1.8bn

Short-term liabilities $981mShareholders' equity $822m

Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $981m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $15m of cash against $1.7bn of debt.
Debt below 40% of shareholders' equity Debt is 201% of equity.
Debt burden no higher than five years ago Debt to equity moved from 154% to 201% over five years.
A year's operating cash flow covers at least 20% of debt $279m of operating cash flow against $1.7bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Custom Truck One Source, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

14 /100

Weak moat

How hard Custom Truck One Source's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 0 / 20

Cash operating profit has been a median -0.6% of total assets over 7 years.
Pricing power 7 / 20

Gross margin has been a median 22.9%, moving by 4.3 percentage points (standard deviation) across 8 years.
Durability 1 / 20

Operating margin has been a median 8.2%; its worst year was -5.5%.
Cash conversion 7 / 20

Free cash flow was positive in 5 of 8 years, at a median 2.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (19 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Custom Truck One Source, Inc.'s SEC filings (10-K and 10-Q), retrieved October 27, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Custom Truck One Source, Inc.